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121 & 217 Stumer Rd. - Rapid City, SD 57701
PROPERTY Stats
156
UNITS
2007 & 2011
Year Built
180,240
sF
PROPERTY OVERVIEW
Eagle Ridge Apartments is a 156-unit affordable housing community located in Rapid City, SD. The property is conveniently located minutes from major retailers including Walmart Supercenter and Safeway. Numerous restaurants, healthcare, outdoor recreation, public schools, and major transportation arteries are nearby as well. Rapid City is home to the South Dakota School of Mines & Technology, which is less than 10 minutes away from the property.
Phase I was built and placed in service in 2007 and Phase II was built and placed in service in 2011, both under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreement in place which requires all units to be rented to income qualifying residents earning no more than 40%, 50%, & 60% of the Area Median Income (AMI) limits, which are provided by the South Dakota Housing Development Authority.
Eagle Ridge Apartments offers two and three bedroom apartment homes with a full appliance package, air conditioning, and washer and dryer hookups. Community amenities include single-car garages and a playground.
The Rapid City, SD MSA has seen tremendous income growth over recent years with the HUD Median Family Income increasing by nearly 42% since 2017
The current asking rents are at a several hundred dollar discount to comparable market assets, resulting in a current occupancy level of above 97%
Rapid City is less than 25 miles from Mount Rushmore and is central to many attractions, including Badlands National Park and Custer State Park
The property is located in a particularly strong area of Rapid City, with the median household income at over $72,000 within a mile of the asset
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
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FRED DOCKWEILER
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503.261.3668
fred.dockweiler@berkadia.com
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Tom Bradley
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425.761.1640
mike.terry@berkadia.com
Mike terry
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Senior Managing Director
Affordable Housing
253.653.3313
brandon.grisham@berkadia.com
BRANDON GRISHAM
Excellent AMI Growth in Pennington County with an Overall Increase of 41.98% Since 2017
Multifamily LIHTC Property Offering Two and Three Bedroom Apartment Homes
Rapid City is Less than 25 Miles from Mount Rushmore and is Central to Many Attractions Including Badlands National Park and Custer State Park
Conveniently Located Near Area Amenities that Include Shopping, Restaurants, Schools, Healthcare, and Major Transportation Arteries Including Close Proximity to Highway 16
